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The Wall Street Greek blog is the sexy & syndicated financial securities markets publication of former Senior Equity Analyst Markos N. Kaminis. Our stock market blog reaches reputable publishers & private networks and is an unbiased, independent Wall Street research resource on the economy, stocks, gold & currency, energy & oil, real estate and more. Wall Street & Greece should be as honest, dependable and passionate as The Greek.



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Saturday, August 30, 2008

History Remembers Kings Not Soldiers

history remembers kings not soldiersBy The Greek:

The old adage goes, history remembers kings, not soldiers. Well, on one particular week in August, history will always remember a King and a soldier.

This past week will forever be remembered for its historical significance. On the same day of Martin Luther King's "I Have a Dream" speech of 25 years ago, Barack Obama became the first American of African descent to accept a major party nomination for the office of President of the United States of America. Then, on the following day, John McCain, a soldier, made Alaska Governor Sarah Palin the first female Republican nominee for Vice President in history.

(Article interests NYSE: SNP, NYSE: DHT, NYSE: DCI, NYSE: HOV, NYSE: TOL, NYSE: NSM, NYSE: NYX, Nasdaq: TTWO, Nasdaq: SCMR, Nasdaq: JOYG, Nasdaq: QQQQ, AMEX: DIA, AMEX: DOG, AMEX: SDS, AMEX: SPY, AMEX: QLD.)

To Be Swiftly Forgotten

What will be forgotten is the week's heavy flow of positive economic data that stood in stark contrast to most economists' economic outlook. Two key housing reports turned the spigot on the week's positive data flow. While not offering any sign of improvement, deterioration was also absent from the new and existing home sales data. That lack of deteriorating data was enough to allow the market to exhale, and as the week progressed, the economic data only grew stronger.

Durable Goods Orders increased 1.3% in July, against expectations for just 0.1%. This marked only the second month this year in which orders increased, the first being June. Then on Thursday, the best news of all arrived, as interpreted by the stock market's favorable reaction. Second Quarter GDP (Preliminary Report) was noted at a solid 3.3%, exceeding expectations for 2.7% and above its advance report of 1.9%.

Even the financial crises of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) seemed to settle a bit, as both companies were able to raise capital last week. FNM rose 37%, and FRE soared 60.5%, but both declined sharply on Friday. We still wouldn't recommend buying either of them actually. Friday illustrated the market's concern, which is that over any given weekend your good old government might decide to take the firms private, leaving shareholders left with nothing. I believe this is more likely than not at this point, so I would leave the shares alone.

The good news didn't end there either. On Friday, the Reuters/University of Michigan Consumer Sentiment Index was reported at its highest point in five months. Sentiment measured 63.0, up from July's 61.2 and ahead of the expected 62.0. Personal Spending came in as was forecast, at +0.2%, but income declined more than expected, falling 0.7%.

Why We Still Worry

Despite all the good news, there remains plenty of reason for concern. For instance, income levels decreased partly due to the end of fiscal stimulus distribution and partly because of decreased worker hours at companies across the country. That's not a good thing. Also, GDP benefited because of the widening difference between the change in exports and imports. Imports, for that matter, are not growing like they had in the past thanks to the weak dollar and decreased overall spending here at home. Consumers are strapped for cash, and you don't need me to tell you that anymore. Meanwhile, exports continued to do well overseas, since suffering consumers in Europe are flocking to cheaper American goods. However, that demand looks to wane as well, since Europe and Japan appear to be entering recession, and even Indian and Chinese growth is slowing.

Despite the still solid GDP data, economists see tough times ahead here at home, as gas remains relatively high, unemployment continues to rise and fiscal stimulus funds are exhausted. The government might consider a second round of aid shortly though, especially because of the election year driver pushing each political party to do the most they can to help Americans.

The Week Ahead

Next week is abbreviated, thanks to the Labor Day holiday. Investors will return to face more stress than just that brought on by their return to school schedule. The week contains all the important monthly employment reports, and these are not likely to present the positive surprises we saw in this past week's data. On top of that, we expect to hear economic concerns voiced by the ECB on Thursday, which will likely worry the market more about global economic decline. India already reported softer than expected Q2 GDP data last week. You'll also want to look for Chain Store Sales data on Thursday.

The earnings schedule is light, but includes: Monday – China Petroleum and Chemical (NYSE: SNP); Tuesday – DHT Maritime (NYSE: DHT), Donaldson (NYSE: DCI); Wednesday – Hovnanian Enterprises (NYSE: HOV), Joy Global (Nasdaq: JOYG); Thursday – Take-Two Interactive (Nasdaq: TTWO), Toll Brothers (NYSE: TOL); Friday – National Semiconductor (NYSE: NSM) and Sycamore Networks (Nasdaq: SCMR).

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Remember, we invite you to comment to each and every article, and we hope you will visit the site and find the "Discuss Topic" link below the article. Please see our disclosure at the Wall Street Greek website.


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Friday, August 29, 2008

Sarah Palin, John McCain's Choice for VP

mccain palin sarah vice president vpJohn McCain chose Sarah Palin to be his Vice Presidential running mate. "America's Hottest Governor," God bless em! Jest we may, but clearly she's much more than just a pretty face, and her accomplishments speak to that.

While this will certainly raise concerns about the strain on John's old and wise heart, along with all his potential presidential responsibilities, we're more concerned with how you feel about this decision.

I think Obama chose the perfect complementary VP running mate in Biden, and it appears McCain has done the same by choosing Palin. Let's use this opportunity to discuss the decision, and to compare the two tickets, now that they are complete.

debate mccain obama palin biden

Topic of Debate Archive

Article interests (AMEX: DIA, SPY, SDS, DOG, QLD), (Nasdaq: QQQQ, AAPL, YHOO, MSFT, AMZN, GOOG, INTC, DELL, SIRI, COST), (NYSE: NYX, WMT, HD, TGT, TOL, LMT, ATK, COL, NOC).

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Thursday, August 28, 2008

Dell News (Nasdaq: DELL) Ahead of EPS

dell computerBy The Greek:

Dell (Nasdaq: DELL) reports its earnings news tonight. Often times here at "The Greek," we discuss the art of investing. Well, today I came across a good example of a possible point of interest, where the "art" of investing could prove as important to profit creation as the "science" of it.

Article interests (AMEX: DIA, SPY, SDS, DOG, QLD), (Nasdaq: AAPL, DELL, HPQ, QQQQ), (NYSE: NYX)

Running around the office here on the Upper East, we caught an interesting analyst interview on Bloomberg radio. Unfortunately, I did not catch the analyst's name or firm name (feel free to update me with that). However, we found the content of his discussion interesting and enlightening, and more importantly actionable.

Now, I must qualify my statement here, by noting that I have not been following the Dell story for a good year now. So, I was unaware of some of the important notes the analyst made. I should also note that the analyst has a buy rating on DELL, and so he has reason to hope for the shares to rise today and tomorrow. But, it's also within this reasoning that we find our own reason to pay attention.

The Art of Investing

Having been an analyst, but more importantly, having witnessed the tendencies of the average analyst (actually the majority), I can make observations regarding analyst actions. For an analyst to come out and take part in a highly public interview just hours ahead of a company's earnings report is not a common event. It's usually in the hours before these make-or-break moments that analysts pull out the bottle of Jack hidden in their bottom drawer (not really), or otherwise keep their head low and hope the Director of Research forgets about their position or the report itself. Of course, if the news fits his outlook, he would be in that same Director's office within minutes to let him know of the favorable result, OR hiding in a bathroom stall until the Director leaves for home otherwise.

Now, there would be a couple instances when an analyst might otherwise take the interview. First, he could be a proven success who can bear a hit or two, and cherishes the publicity. Secondly, he could be possessed by blind bravado or otherwise naive. Thirdly, he might not receive calls for interviews often, and it being two days before the Labor Day holiday, all the other analysts at major firms may already be stationed at their satellite offices in the Hamptons, making him the only guy available for Bloomberg to call. Also, if there ever was a time to take a chance, it would be two days ahead of the long weekend in late August (around lunchtime mind you), when hardly anybody is paying attention, especially to a radio interview that is not archived and hard to track down after the few minutes of its occurrence.

"In life, the guys who play it safe, keep their jobs and collect a pension some day, but the guys who take chances, they create things and they make a difference."

The Other Scenario - Guts and Conviction


During my time at Mickey Mouse Inc., I was well-known for making gutsy calls and making them right. Oh, over the seven years of taking chances, I was wrong once or twice (actually three times, and I can cite each of them for you). I made gutsy calls because I had confidence in the due diligence I had put into each of my recommendations. And, I just plain had guts, something a lot guys could use a bit of. In life, the guys who play it safe keep their jobs and collect a pension, but the guys who take chances, they create things and they make a difference. I view life as a one-time opportunity, and I've never been one to play it safe.

The other scenario here is that this analyst really believes in DELL. He noted that his call has already proven successful (having initiated it some 5 points ago), and a lot of times this is just the reinforcement a man needs to speak his mind. But, the context of his interview also spoke for DELL, and my mind is an analytical one. What I mean is, I'm not easy to convince.

I often interviewed CEOs who were certain I was going to start their stock with a sell recommendation, only to see I recommended the shares upon initiation. You have to play devil's advocate as an analyst, and that left a lot of CEOs sweating. Not really, because I was always some young kid to them who they were sure knew very little; they never sweat a drop unless the interview was over the phone.

Anyway, I suspect this analyst really believed in DELL, and a lot. He pointed out a catalyst that the market is already aware of with DELL, margin expansion. He noted some $70 the company is saving on one product by restructuring its supply chain and process, and the much more significant improvement to gross margin on that product. He noted that Dell was in process of doing this across the company, and that the shares' improvement from their nascent bottom probably did not reflect that change yet.

Now, at this point, I would study the numbers a bit, and I would never buy the stock until after I had done that. I've found that my own judgment is usually much more important to the success of my decisions than that of any other analyst. But, given that we're close to market close, I'll leave that to you. The shares are down 1.8% today, after a rise yesterday. Whether you buy into the DELL story depends on your own conviction. But, at least pay attention to the economics detailed in the report, and if the financials are seriously benefiting and economic value is being created, then, also after making sure that there would not be a major impact to product reliability from the restructuring of process, then consider DELL. I'll take a closer look after the report, and let you know how I feel about the shares over the longer-term.


Please see our disclosure at the Wall Street Greek website.

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Dispelling Kuwaiti Alert Rumor

US Aircraft Carrier
By Yal - Middle Eastern Affairs:
(Contributed to by Daniel P.)

Article interests (AMEX: GAF, DIA, SPY, DOG, SDS, QLD), (Nasdaq: ISRQ, ISRX, GULF, QQQQ, AMDEX, AMDAX, XISLX, AMDCX, TRAMX, TRIAX), (NYSE: NYX, LMT, COL, NOC, ATK, GD)

Reports have been circulating since early August that Kuwait is at a heightened level of alert. Some even went as far as saying "NUCLEAR ARMADA ON ITS WAY TO IRAN." Sources cited that the USS Theodore Roosevelt was already on its way to the Gulf and that the USS Ronald Reagan and its Carrier Strike Group Seven - the USS Iwo Jima as well as French and British ships were reportedly following close behind.

The Iranian press picked up the story and repeated it all over again and again - from there it was copied to many websites around the world.

What caused those reports on a pending attack is unknown. We wonder if there was a connection to massive oil futures contracts that were unwinding at the time.

The Truth
The USS Theodore Roosevelt is still at Norfolk until Sep 8th. Our sources indicate that there is no unusual activity anywhere in the Gulf and that the only activity in Kuwait is related to its preparation for Ramadan, which starts next month. Folks, it is Ramadan - Nobody would attack Iran during Ramadan, when religious feelings are at their peak. Any attack on a Muslim nation during this time may undermine stability throughout the regimens of the ME. Ramadan runs from September 1st through the 30th, with Id el-Fiter in early October.

Daniel Adds - (Daniel is slated to pick up global affairs coverage for "The Greek" shortly)
Other sources indicate the U.S. has two Air Carrier Groups and one Marine Expeditionary Group (read 3 aircraft carriers) in the Indian Ocean. The two Air Carrier Groups would comprise some 40 ships and 6 submarines, more or less. The Marine Group comprises about 12 ships. It is a sizable contingent even without the assets currently in the Gulf region itself.

Yal Notes Anecdotal Hints...
The only counter indication to our argument is that Israel's Minister of Defense, Ehud Barak, has put his Tel-Aviv penthouse up for sale (listed at $17M in case you are interested) - does he think that property values in Tel-Aviv are about to go down? They might for various reasons that have nothing to do with any security situation...

Discussion Topic Click Here



Please see our disclosure at the Wall Street Greek website and Yal's at his bio page on our site.
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Wednesday, August 27, 2008

Investing Like a Marine

invest like marines
By Ryan Delany - Personal Finance & Investing:

When times are the worst is when investors need to be at their best. We're in a bear market, and these are stressful times for stock market investors. However, for those who keep their composure, this market presents some excellent opportunities.

Article interests (AMEX: DIA, SPY, SDS, DOG, QLD), (NYSE: LMT, GD, HON, NOC, COL, GR, ATK, ERJ, DRS, SPR, CGT, CW, TDY), (Nasdaq: QQQQ, ESLT, BEAV, SWHC, KAMN)

For marines, discipline is a sacred word. During boot camp, Drill Instructors work like dogs to instill discipline into teenagers -- a monumental task. Throughout boot camp the new recruits are intentionally stressed, and through this stress their discipline is tempered. When recruits finally graduate into marines, their discipline is their pride.

Marines need discipline because during combat, we cannot let our emotions take control. Specifically, fear will try to take control when bullets are flying and bombs are exploding. Losing control during combat gets marines killed.

At my blog, Semper Finance, I advise Marines and servicemen to use the skills they learned in the military to become successful investors -- and discipline is one of their greatest assets. Civilian investors don't need to go to boot camp to understand discipline, they just need to understand their fears.

The investor's biggest enemy is not a bear market, it is his own fear. There is risk to investing in the stock market, and you may even lose money, but investors should know that from the get-go. An investor who can stay disciplined will make money. In "The Intelligent Investor," the venerable Ben Graham writes, "the investor's chief problem--and even his worst enemy--is likely to be himself... We have seen much more money made and kept (emphasis his) by 'ordinary people' who were temperamentally well-suited for the investment process, than by those who lacked this quality, even though they had an extensive knowledge of finance, accounting, and stock market lore." Take a lesson from Ben Graham; he may not have been a marine, but he wrote the book on discipline.

Discipline Served Me Well

The discipline I learned in boot camp and training served me well during stressful times. I was in an anti-terrorism unit when I was in the Corps, and shortly after 9/11 we were sent to Afghanistan. Our mission was to defend the US Embassy and the civilian personnel in Kabul. One night, when the embassy was attacked, I was able to see the juxtaposition between marine and civilian very clearly. I remember seeing the civilians running panicked towards the shelters, and the marines running calmly in the opposite direction, to meet the threat.

"We accepted that there was risk, looked for opportunity, and exploited it to our advantage."

Since marines keep their composure in stressful situations like the embassy attack, we were able to successfully assess and defeat the threat. We accepted that there was risk, looked for opportunity, and exploited it to our advantage. If the marines had run away with the civilians, we all could have been killed.

Keep Your Composure - Invest Like a Marine

There will always be scary news in the stock market, and doomsayers will always be advising investors to run for shelters like precious metals or government bonds. However, the calm and composed investor will not panic and hide, he will seek opportunity and overcome.

Please see our disclosure at the Wall Street Greek website, and Ryan's individual disclosure at his bio page.

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Tuesday, August 26, 2008

This Week: Financial Crises Outnumber Hurricanes

financial crisis
By "The Greek"

The National Financial Crisis Center (read Fed) forecasts a record number of named crises this year. This in, just as Storm Fannie Freddie (NYSE: FNM, FRE) prepares to make landfall.

Article interests Democrats, Republicans, Independents and (AMEX: DIA, SPY, SDS, DOG, QLD), (NYSE: NYX, CHS), (Nasdaq: QQQQ, DELL).

Hurricane Fannie-Freddie is on tap to shake things up this week. Hope those levees hold, but fear not, as Fannie-Freddie has been deemed too big to fail. Only the equity holders, who thought "government sponsored" meant their money was safe, stand to be flooded out. Meanwhile, forming in the Atlantic, off the coast of North Africa, Tropical Depression Lehman Brothers (NYSE: LEH).

After unsettling inflation figures in the PPI data last week, the Fed Chief still managed to quell market concern with simple words stating that the contrary was more likely. On that inspirational statement, the market managed a week saving rally on Friday, if you could call it a rally.

This Week

The economic slate is a busy one this time around, with reports covering the entire spectrum of possibility. However, it's also the week of the Democratic National Convention, so expect politics and Democratic Party policy to outweigh all other news. It will be interesting indeed to watch how the market reacts to the new Democratic persona of change, versus the Democratic stigma of tax hike and capital gains rate increase.

Monday

The DNC kicked off in Denver, Colorado, with Michelle Obama's uplifting speech on Monday night. The lone economic report due for the day was the Existing Home Sales Report offered up by the National Association of Realtors. The 10:00 AM reporting for the month of July was seen by Bloomberg's consensus of economists running at an annual pace of 4.94 million. The actual result of 5.0 million was a nice, modest surprise. This compared against June's rate of 4.85 million, and offers perhaps further confirmation that the bottom for housing is here or at least near.



Earnings
Announcements for
Monday, August 25
CompanySymbolTime
A-Power Energy Generation Systems, Ltd.APWRBefore Market Open
ADVANCED SEMICONDUCTOR MANUFACTURING CORP3355.HK12:00 am ET
AIR NEW ZEALANDAIR.NZ5:15 pm ET
AMADEUS ENERGY LTDADUEF.PK12:00 am ET
ANHUI TONGDU COPPER CO LTDAHUIF.PKTime Not Supplied
AUSTAL LIMITEDASB.AXAfter Market Close
AUSTEREO GROUPAEO.AXTime Not Supplied
AV TECH CORPORATIONAVTHF.PKTime Not Supplied
AVICHINA INDUSTRY & TECHNOLOGY2357.HKTime Not Supplied
BEIQI FOTON MOTOR CO. LTD.600166.SSTime Not Supplied
BIO TREAT TECHNOLOGY LIMITEDBOTRF.PKAfter Market Close
BIOTA HOLDINGSBTAHY.PKTime Not Supplied
CHALLENGER FINL SERVICES GROUPCGF.AXTime Not Supplied
CHARTER HALL GROUPCTOUF.PK03:00 am ET
CHENGDE XINXIN VANADIUM600357.SSTime Not Supplied
CHICONY ELECTRONICS CO LTDCCNYF.PK03:00 am ET
CHINA CONSTRUCTION BANKCICHF.PKTime Not Supplied
China Netcom Group Corp.CNTime Not Supplied
CHINA RESOURCES LOGIC1193.HKTime Not Supplied
China Unicom Limited600050.SSTime Not Supplied
CHONGQING TAIJI IND600129.SSTime Not Supplied
COSCO PACIFIC1199.HKTime Not Supplied
CPI CorporationCPYAfter Market Close
DATONG COAL INDUSTRY CODTNGF.PKAfter Market Close
DIN BOSTAD SVERIGE ABDIN.STTime Not Supplied
ETRON TECHNOLOGY INC5351.TWOAfter Market Close
Formula SystemsFORTYTime Not Supplied
GALILEO JAPAN TRUSTGLLOF.PKAfter Market Close
GAMANIA DIGITAL ENTERTAINMENT CO6180.TWOAfter Market Close
GANSU JIU STEEL GP HONGXING IRON&ST600307.SSTime Not Supplied
GIANT MANUFACTURING CO9921.TWTime Not Supplied
Gilat Satellite Networks LtdGILTTime Not Supplied
GOODMAN FIELDER LTDGFF.AXTime Not Supplied
GUANGDONG GOLDEN DRAGON DEVELOPMENT000712.SZTime Not Supplied
GUANGZHOU DONGFANG HOTEL000524.SZTime Not Supplied
GUANGZHOU DONGHUA ENTERPRISE CO600393.SSTime Not Supplied
GUIZHOU YIBAI PHARMACEUTICAL CO600594.SSBefore Market Open
HAITIAN INTERNATIONAL HOLDINGS LTD1882.HKTime Not Supplied
HUAFA INDUSTRIAL SHARE CO600325.SSTime Not Supplied
IBA HEALTH LTDIBA.AXTime Not Supplied
INFORTREND TECHNOLOGY INC2495.TWAfter Market Close
ING OFFICE FUNDIOF.AXTime Not Supplied
JIANGSU EXPRESSWAY CO LTDJEXYF.PKTime Not Supplied
JIANGSU GAOCHUN CERAMICS CO600562.SSTime Not Supplied
JIANGXI GANNENG CO000899.SZTime Not Supplied
JILIN FOREST INDUSTRY CO600189.SSTime Not Supplied
JinpanJSTTime Not Supplied
KINGBOARD LAMINATES HOLDINGS LTD1888.HKTime Not Supplied
LINGYUN INDUSTRIAL CORPORATION600480.SSTime Not Supplied
LONGJIAN ROAD & BRIDGE CO. LTD600853.SSTime Not Supplied
MEDICAL DEVELOPMENT INTLMVP.AXTime Not Supplied
MOSEL VITELIC INC2342.TWAfter Market Close
NAN YA PRINTED CIRCUIT BOARD CORP8046.TWTime Not Supplied
NANJING CENTRAL EMPORIUM CO600280.SSTime Not Supplied
NKT Holding A/SNKT.COTime Not Supplied
PIHSIANG MACHINERY MFG CO1729.TWAfter Market Close
Plazacorp Retail Properties LtdPLZ.VTime Not Supplied
QINGDAO HAIER CO600690.SSTime Not Supplied
RAMSAY HEALTH CARE LTD RHCRHC.AXTime Not Supplied
REGAL REAL ESTATE INV TR1881.HKAfter Market Close
RESVERLOGIX CORPRVX.TOTime Not Supplied
RIDLEY CORPORATION LTDRIC.AXAfter Market Close
ROC OIL COMPANY LIMITEDROC.AXTime Not Supplied
SHAANXI BROADCAST & TV NETWORK600831.SSTime Not Supplied
SHANGDONG GOLD MINING CO LTDSGOLF.PKTime Not Supplied
Shanghai Municipal Raw Water Co LtdSIRWF.PKBefore Market Open
SHANGHAI SANMAO TEXTILE ENTERPRISE900922.SSBefore Market Open
SHANGHAI XINHUA MEDIA CO. LTD.600825.SSBefore Market Open
SHENZHEN KINGDOM SCI-TECH CO. LTD.600446.SSTime Not Supplied
SILEX SYSTEMS LIMITEDSLX.AXAfter Market Close
SKYCITY Entertainment Group LtdSKC.NZTime Not Supplied
SMS MANAGEMENT & TECHNOLOGY LIMITEDSMX.AX12:00 am ET
SOYEA TECHNOLOGY000909.SZBefore Market Open
SPOTLESS GROUP LIMITEDSPT.AXTime Not Supplied
SUNCORP METWAY LIMITEDSUN.AX8:30 pm ET
SurgutneftegasJSUGF.PKTime Not Supplied
TAVEX ALGODONERA SATVXAF.PKTime Not Supplied
TRANSFIELD SERVICES LIMITEDTSE.AXAfter Market Close
TXC CORPN3042.TWAfter Market Close
WIDE BAY AUSTRALIA LTDWBB.AXAfter Market Close
XIANDAI INVEST CO000900.SZTime Not Supplied
XINJIANG HOPS600090.SSBefore Market Open
XUZHOU VV FOOD BEVERAGE CO600300.SSBefore Market Open
Yanzhou Coal Mining Company LimitedYZCTime Not Supplied




Tuesday

Tuesday's DNC speaker will be Senator Hillary Clinton. We're not going to get wrapped up in the semantics of political infighting, at least not in this article, but there's plenty of debate on how Hillary really feels about being left off the ticket, despite her very team-oriented outward expressions.

More real estate market data is due on Tuesday, including S&P/Case Shiller's Home-Price Index. As of May, prices had fallen 15.8% year-to-year, and there is little reason to believe prices did not decline a little more in June, since foreclosures make up a sizable portion of sales. Also, I believe existing home owners are finally capitulating on price in instances where a sale is necessary. In other words, initially, as home builders saw the need to cut prices, I believe existing owners were tied to the figures they knew of the recent past, and fixated to the prices their neighbors got; this played a role in their price setting and acceptance behavior. At this point, I believe they have accepted reality.

July New Home Sales are due at 10:00, with the consensus expecting annual sales to have run at a pace of 525K. That will compare against a measure of 530K in June. The Conference Board's Consumer Confidence measure is due at 10:00 also. Bloomberg's consensus sees a weak reading of 53.0 this time around, versus a weaker 51.9 last time out. The improvement probably has as much to do with the drastic point of last measure, as it does to improved oil and gasoline prices and a stronger dollar.

The regular ICSC-UBS Same-Store Sales Report checks in at the height of "back to school" season, so we are looking for week-to-week improvement matched against year-over-year softing growth. Last week, the ICSC report showed a 0.1% week-to-week increase and 2.4% year-over-year rise. That yearly rise represented a pullback from recently stronger growth; government money is running dry.

At 2:00 PM, look for the Federal Reserve's release of its August 5th meeting minutes. As seen on Friday, following the speech by Ben Bernanke in Jackson Hole, the market is currently very sensitive to inflation speak and the Fed's take on it. If we could sit the market down and have an interview with it, I expect it would express its feelings this way. It would say, "well, I would like to see the Fed wait a while yet before starting to raise interest rates. At the same time, I hope data is not as dramatically bearish as last week's PPI report." The housing market needs inflation expectations to ease, so that long-term rates might back up a bit and allow some support for borrowers.

Industry conference activity picks up each quarter post earnings season, and thus offers analysts a chance to see sunlight and breath a bit of fresh air. Morgan Stanley's (NYSE: MS) Semiconductor Conference starts on Tuesday in Chicago. The earnings schedule follows below.



Earnings
Announcements for
Tuesday, August 26
CompanySymbolTime
ACHENG RELAY000922.SZTime Not Supplied
ACOTEL GROUP S.P.AACO.MITime Not Supplied
Aggreko plcAGK.LBefore Market Open
AIR CHINA LTDAICAF.PKTime Not Supplied
American Eagle Outfitters IncAEOBefore Market Open
ANHUI HELI CO LTDAHUHF.PKTime Not Supplied
ANHUI HUAMAO TEXTILE CO000850.SZTime Not Supplied
APA GROUPAPA.AXTime Not Supplied
APEX BIOTECHNOLOGY CORP1733.TWAfter Market Close
Applied Signal TechnologyAPSGAfter Market Close
Axon Group plcAXO.LBefore Market Open
BABCOCK & BROWN INFRASTRUCTUREBBI.AXTime Not Supplied
Banca Popolare di MilanoPMI.MITime Not Supplied
BANK OF COMMUNICATIONS CO. LTD3328.HKTime Not Supplied
Bank Of MontrealBMOTime Not Supplied
Bank of Nova ScotiaBNSTime Not Supplied
BANQUE CANTONALE DU VALAISBNQEF.PKTime Not Supplied
BAOJI DEPARTMENT STORE000796.SZTime Not Supplied
BATM Advanced CommunicationsBVC.LTime Not Supplied
BECTON PROPERTY GROUP LTDBEC.AXTime Not Supplied
BEIJING DHC DIGITAL TECHNOLOGY CO002065.SZTime Not Supplied
BEIJING HUAYE REALESTATE CO. LTD600240.SSTime Not Supplied
BEIJING ZHONGCHUANG TELECOM TEST CO600485.SSTime Not Supplied
BENDIGO MINING LTDBDG.AXTime Not Supplied
Big Lots, Inc.BIGBefore Market Open
BOART LONGYEAR LIMITEDBLY.AXTime Not Supplied
Bonifiche Ferraresi S.p.ABF.MITime Not Supplied
Borders Group Inc.BGPAfter Market Close
Bovis Homes Group PLCBVS.LBefore Market Open
Cairn Energy plcCNE.LTime Not Supplied
CATHAY FINL HLDG LTD2882.TWTime Not Supplied
CBH RESOURCES LIMITEDCBH.AXTime Not Supplied
CELEBRITIES REAL ESTATE DEVELOPMENT000667.SZTime Not Supplied
Chico's FAS, Inc.CHSBefore Market Open
CHINA COSCO HLDGS CO LTDCICOF.PKAfter Market Close
CHINA DONGFANGHONG SPACESAT COLTD600118.SSTime Not Supplied
CHINA LIFE INSURANCE CO LTDLFCTime Not Supplied
CHINA MINSHENG BK CORP LT600016.SSTime Not Supplied
CHINA YURUN FOOD GRP LTD1068.HKTime Not Supplied
CHONGQING DONGYUAN STEEL CO000656.SZAfter Market Close
CITIC OFFSHORE HELICOPTER COCTCOF.PKAfter Market Close
COFCO PROPERTY (GROUP) CO LTD000031.SZAfter Market Close
Corinthian CollegesCOCOBefore Market Open
CRH plcCRHTime Not Supplied
DaktronicsDAKTBefore Market Open
DAYE SPECIAL STEEL CO000708.SZTime Not Supplied
DFDS A/SDFDS.CO07:00 am ET
Dmatek LtdDTK.LBefore Market Open
DONG E E JIAO CO LTD SHANGDONGDEEJF.PKTime Not Supplied
Dycom IndustriesDYAfter Market Close
EM.Sport Media AGETV.FTime Not Supplied
ENERGY DEVELOPMENTS LTD ENEENE.AXTime Not Supplied
FENG TAY ENTERPRISE9910.TWTime Not Supplied
FENGHUA ADVANCE TECHNOLOGY HLDG000636.SZAfter Market Close
FLIGHT CENTRE LIMITEDFLT.AXTime Not Supplied
FORNIX BIOSCIENCES NVFORBI.ASTime Not Supplied
FOSTER'S GROUPFGL.AXTime Not Supplied
FUJIAN CEMENT CO. LID600802.SSTime Not Supplied
GANSU QILIANSHAN CO LTDGASUF.PKTime Not Supplied
GEODYNAMICS LIMITEDGDYMF.PKTime Not Supplied
GT SOLAR INTERNATIONAL INCSOLRAfter Market Close
GUANGDONG KANGMEI PHARMACEUTICAL600518.SSTime Not Supplied
GUANGDONG XINHUI MEDIA NYLON CO000782.SZTime Not Supplied
GUANGZHOU DEVELOPMENT INDUSTRYGZDVF.PKTime Not Supplied
GUANGZHOU FRIENDSHIP CO LTDGZHFF.PKTime Not Supplied
GUOMAI TECHNOLOGIES INC.002093.SZTime Not Supplied
Hain Celestial GroupHAINTime Not Supplied
HARBIN DONGAN AUTO ENGINE CO LTD600178.SSTime Not Supplied
HUNAN ZHENGHONG SCI & TECH DEV CO.000702.SZTime Not Supplied
INNER MONGOLIA BAOTOU STEEL RARE-EA600111.SSTime Not Supplied
J. Crew Group, Inc.JCGAfter Market Close
JIANGSU HENGTONG PHOTOELECTRIC STOC600487.SSTime Not Supplied
JIANGSU HOLLY CORP600128.SSTime Not Supplied
JIANGSU SANFANGXIANG INDUSTRY CO600370.SSTime Not Supplied
JIANGXI CHANGE AUTOMOBILE600372.SSTime Not Supplied
JIANGXI HONGDU AVIATION INDSJNXIF.PKTime Not Supplied
JINLING PHARMACEUTICAL000919.SZTime Not Supplied
LIUZHOU LIANGMIANZHEN CO600249.SSTime Not Supplied
LTX CorporationLTXXBefore Market Open
MACQUARIE CAPITAL ALLIANCE GROUPMCQ.AX9:00 pm ET
Macquarie Communications Infrastructure GroupMCG.AXTime Not Supplied
MACQUARIE COUNTRYWIDE TRUSTMCW.AX8:00 pm ET
MACQUARIE MEDIA GROUPMMG.AX7:00 pm ET
MCPHERSONS LTDMCP.AXTime Not Supplied
MeliorbancaMEL.MITime Not Supplied
MGP IngredientsMGPIBefore Market Open
MIRVAC GROUPMGR.AXTime Not Supplied
MIRVAC INDUSTRIAL TRUSTMVIDF.PKTime Not Supplied
MontefibreMF.MITime Not Supplied
Neue Sentimental Film AGNF7.FTime Not Supplied
NEWAYS ELECTRONICS INTERNATIONALNEWAY.ASTime Not Supplied
NINGBO MARINE CO. LTD.600798.SSTime Not Supplied
NINGBO THERMAL POWER CO.LTD600982.SSTime Not Supplied
Oerlikon Corporation AGOERL.VXTime Not Supplied
OUDH SUGAR MILLS LTDOUDHF.PKTime Not Supplied
PRIMARY HEALTH CARE LIMITEDPRY.AXTime Not Supplied
Rio Tinto plcRTPBefore Market Open
Sanderson FarmsSAFMBefore Market Open
SANY HEAVY INDUSTRY CO LTD600031.SSTime Not Supplied
Schiapparelli 1824SCH.MITime Not Supplied
Sears Canada Inc.SCC.TOTime Not Supplied
SECHE ENVIRONEMENT SA CHANGESCHP.PAAfter Market Close
SHANDONG HUALU HENG CHEM INDSHCIF.PKTime Not Supplied
SHANGHAI CONSTRUCTION600170.SSTime Not Supplied
SHANGHAI HAINIAO ENTERPRISE DEV CO600634.SSBefore Market Open
SHANGHAI HAIXIN GROUP900917.SSTime Not Supplied
SHANGHAI INTL PRT GROUP CO LTDSIPGF.PKTime Not Supplied
SHANGHAI JINLING CO600621.SSBefore Market Open
SHANGHAI ZIJIANG ENTERPRISE GROUP600210.SSBefore Market Open
SHANTOU ELECTRIC POWER DEVELOPMENT000534.SZBefore Market Open
SHANXI COKING CO600740.SSTime Not Supplied
SHANXI GUANLU CO000831.SZTime Not Supplied
SHANXI ZHANGZE ELECTRIC POWER000767.SZTime Not Supplied
SHENZHEN GUANGJU ENERGY000096.SZTime Not Supplied
SHENZHEN NEPTUNUS BIOENGINEERING000078.SZTime Not Supplied
SICHUAN HAITE HIGH-TECH CO. LTD002023.SZBefore Market Open
SIME DARBY BHD NEW4197.KLTime Not Supplied
SINOPEC YIZHENG CHEMICAL FIBRE600871.SSTime Not Supplied
Smithfield FoodsSFDBefore Market Open
SORIN SPA MILANOSRN.MITime Not Supplied
Streamline Health Solutions, Inc.STRMAfter Market Close
Synnove Finden ASASFM.OLTime Not Supplied
Tenon Ltd.TEN.NZTime Not Supplied
Thornburg Mortgage, Inc.TMABefore Market Open
TIANJIN DEP STORE CO LTDTNJNF.PKTime Not Supplied
TIBET TIANLU CO. LTD.600326.SSTime Not Supplied
TOLL HOLDINGS LIMITEDTOL.AXTime Not Supplied
Topdanmark A/STOP.COTime Not Supplied
Tuesday Morning CorporationTUESBefore Market Open
Unione di Banche Italiane SpaUBI.MITime Not Supplied
UTV Media PLCUTV.LBefore Market Open
VALAD PROPERTY GROUPVPG.AXTime Not Supplied
VersantVSNTTime Not Supplied
WELLINGTON DRIVE TECHWDT.NZTime Not Supplied
WOOLWORTHS LIMITEDWOW.AXTime Not Supplied
XIAN MINSHENG GROUP000564.SZTime Not Supplied
ZHENGZHOU YUTONG BUS CO. LTD.600066.SSTime Not Supplied




Wednesday

Durable Goods Orders headlines the schedule on Wednesday. At 8:30 in the pre-market, economists anticipate the July reading of Durable Goods Orders will post an increase of 0.1%. Orders rose 0.8% in June, marking the first rise for the entire year. Also look for Atlanta Fed President Dennis Lockhart's address on inflation to potentially move markets.

Mortgage Activity has not been as inactive as it is now in a century according to some measures, as reported by Barron's over the weekend. We need inflation concern to settle, banks to settle up on risky debts and free themselves from the burden of those they still hold, and unemployment and economic growth to turn the corner. Not a small task... We'll get a fresh look at mortgage activity with the regular Purchase Applications Report from the Mortgage Bankers Association in the early AM on Wednesday.

The EIA Petroleum Status Report is due at 10:30. Last week, while oil inventories increased and are in the sweet spot of their average range for this time of year, gasoline inventories declined dramatically and are well short of normal. Meanwhile, on Monday, gasoline was reported down 15 cents over the past two weeks... Is there no mercy for gasoline refiners!?



Earnings
Announcements for
Wednesday, August 27
CompanySymbolTime
1ST DENTAL LABORATORIESFDT.LTime Not Supplied
ABACUS PROPERTY GROUPABP.AXTime Not Supplied
ABC LEARNING CENTRESABS.AXTime Not Supplied
ALLIED FARMERSALF.NZTime Not Supplied
Angeion CorpANGN4:00 pm ET
ANTICHI PELLETTIERI S P AANPEF.PKTime Not Supplied
AUSTRALIAN VINTAGE LIMITED AVGAUVGF.PKTime Not Supplied
AUSTRALIAN WEALTH MGT LTDAUW.AXTime Not Supplied
Autogrill SpAAGL.MITime Not Supplied
Axis-Shield plcASD.LBefore Market Open
Banca Popolare Etruria-LazioPEL.MITime Not Supplied
BANK LEUMI LE ISRAEL TEL AVIVLUMI.TABefore Market Open
BEIJING NEW BUILDING MATERIALS000786.SZTime Not Supplied
Benihana Inc.BNHNAAfter Market Close
BONG LJUNGDAHL ABBONG.STTime Not Supplied
Brit Insurance Holdings PLCBRE.LBefore Market Open
Brown Shoe Company, Inc.BWSBefore Market Open
BURE EQUITY ABBURE.STTime Not Supplied
CALAN HEALTHCARE PPTYS TRUSTDHN.BETime Not Supplied
CAMEO COMMUNICATIONS INC6142.TWTime Not Supplied
Canadian Imperial Bank of CommerceCMTime Not Supplied
Candover Investments plcCDI.LBefore Market Open
CASH STORE FINL SVCS INCCSF.TOAfter Market Close
Cattolica AssicurazioniCASS.MITime Not Supplied
CEC CORECAST CORPORATION LIMITED600764.SSTime Not Supplied
Charming ShoppesCHRSBefore Market Open
China Eastern AirlinesCEATime Not Supplied
CHINA GREATWALL COMPUTER SHENZHEN000066.SZTime Not Supplied
China MobileCHLKF.PKTime Not Supplied
China National Offshore Oil CorporationCEOTime Not Supplied
CHINA NATIONAL SOFTWARE& SERVICE CO600536.SSTime Not Supplied
China Nepstar Chain Drugstore Ltd.NPDBefore Market Open
CHINA SHIP CONTAINER LINES COCITAF.PKTime Not Supplied
CHINA-KINWA HIGH TECHNOLOGY CO. LTD600110.SSAfter Market Close
CHONGQING GANGJIU600279.SSAfter Market Close
CHONGQING IRON & STEEL CO LTDCGQNF.PKTime Not Supplied
Coldwater CreekCWTRTime Not Supplied
Communisis PLCCMS.LBefore Market Open
CONNECTEAST GROUPCEU.AXTime Not Supplied
Credito ArtigianoCRA.MITime Not Supplied
DATANG INTL PWR GENERATN LTDDIPGF.PKTime Not Supplied
Day Software Holding AGDAYN.SW01:00 am ET
Dollar Tree StoresDLTRTime Not Supplied
DONGFENG MOTOR CORPDGFGF.PKAfter Market Close
eLong IncLONGTime Not Supplied
ENVESTRA LIMITEDEVSRF.PKTime Not Supplied
Foxconn Intl Hldg Ltd2038.HKTime Not Supplied
FRESHTEL HLDGS LTDFRE.AXTime Not Supplied
FuelCell EnergyFCELAfter Market Close
FUSHUN SPECIAL STEEL600399.SSTime Not Supplied
G4S plcGFS.LBefore Market Open
Gander Mountain Co.GMTNBefore Market Open
Genmab A/SGNMSF.PKTime Not Supplied
Gericom AGGRO.FTime Not Supplied
Gewiss S.p.A.GEW.MITime Not Supplied
GIANT INTERACTIVE GROUP INCGAAfter Market Close
Glanbia plcGLB.LBefore Market Open
GLOBE INTERNATIONAL LTDGLB.AXTime Not Supplied
GLOUCESTER COAL LTDGCL.AXTime Not Supplied
GRD LimitedGRD.AXTime Not Supplied
Greif BrothersGEFAfter Market Close
GRIFOLS SAGRF.MCTime Not Supplied
GUOYUAN SECURITIES CO. LTD.000728.SZTime Not Supplied
HASTIE GROUP LIMITEDHST.AXTime Not Supplied
HEICOHEIAfter Market Close
Heineken N.V.HEIA.AS01:00 am ET
HJELLEGJERDE ASAHJE.OLTime Not Supplied
HUNAN LIUYANG FIREWORKS CO. LTD.600599.SSTime Not Supplied
Immobiliare LombardaIML.MITime Not Supplied
ING INDUSTRIAL FUNDIIF.AXTime Not Supplied
IOOF HOLDINGS LTDIFL.AXTime Not Supplied
Irish Life and Permanent PlcIPM.LBefore Market Open
Isagro S.p.A.ISG.MITime Not Supplied
IT Holding S.p.A.ITH.MITime Not Supplied
Jensen & Moller Invest A/SJMI.COTime Not Supplied
Jo-Ann Stores, Inc.JASAfter Market Close
Johnston Press plcJPR.LBefore Market Open
Kingspan Group plcKGP.LBefore Market Open
LifeCycle Pharma, IncLFCYF.PKTime Not Supplied
LOOKERSLOOK.LTime Not Supplied
MACQUARIE DDR TRUSTMDT.AX7:00 pm ET
MARCH NETWORKS CORPMN.TOAfter Market Close
Mediterranea AcqueMEA.MITime Not Supplied
Men's WearhouseMWAfter Market Close
MMC CORP BHDMCPNF.PKTime Not Supplied
MONEYSUPERMARKET.COM GROUP PLCMONY.LBefore Market Open
MULTIPLEX ACUMEN PROPERTY FUNDMPF.AXTime Not Supplied
NATIONAL HIRE GROUPNHR.AXTime Not Supplied
NeuroSearch A/SNEUR.COTime Not Supplied
OFFSHORE OIL ENGINEERING COOFHOF.PKTime Not Supplied
OlidataOLI.MITime Not Supplied
ORIGIN AGRITECH LIMITEDSEEDAfter Market Close
ORIGIN ENERGY LTDORG.AX7:00 pm ET
OSI SystemsOSISBefore Market Open
PetroChina Company LimitedPTRTime Not Supplied
Petrofac LimitedPFC.LBefore Market Open
PETROJACK ASJACK.OLBefore Market Open
PETROLIA DRILLINGPDR.OLBefore Market Open
PHISON ELECTRONICS CORPPISNF.PKTime Not Supplied
Prysmian Cables & SystemsPRY.MITime Not Supplied
Reno De Medici S.p.ARDM.MCTime Not Supplied
RESORTS WORLD BHDRSWSY.PKTime Not Supplied
RIVERCITY MOTORWAY GROUPRCY.AXTime Not Supplied
SAIZEN REAL ESTATE INVESTMENT TRUSTDZ8U.SITime Not Supplied
SEB S.A.SK.PAAfter Market Close
SEGRO plcSGRO.LBefore Market Open
Serco Group plcSRP.LBefore Market Open
SHANDONG PHARMACEUTICAL GLASSSDGPF.PKTime Not Supplied
SHANGHAI ZHENHUA PORT MACHY CPSZPAF.PKBefore Market Open
SICHUAN HONGDA CHEMICAL INDUSTRY COSIHAF.PKTime Not Supplied
SOFT COMPUTINGSFT.PATime Not Supplied
Solarfun Power Holdings Co. Ltd.SOLFBefore Market Open
SOLERA HOLDINGS INCSLHAfter Market Close
Spirax-Sarco EngineeringSPX.LBefore Market Open
SPORT SUPPLY GROUP INC DELRBIBefore Market Open
Standex International Corp.SXIBefore Market Open
SUNTIME INTERNATIONAL ECONOMIC-TRAD600084.SSTime Not Supplied
SWS Group, Inc.SWSAfter Market Close
Synovis Life Technologies, Inc.SYNOBefore Market Open
TalbotsTLBTime Not Supplied
Taylor Nelson Sofres plcTNS.LBefore Market Open
TIANJIN FAW XIALI AUTOMOBILE CO000927.SZTime Not Supplied
TIANJIN GUANGYU DEVELOPMENT CO000537.SZTime Not Supplied
TIANJIN QUANYE BAZAAR (GP) CO. LTD600821.SSTime Not Supplied
TITAN PETROCHEMICALS GRP LTDTPGFF.PKTime Not Supplied
TIVO INCTIVOAfter Market Close
TRANSPACIFIC INDUSTRIES GROUP LTDTPI.AXTime Not Supplied
Tullow Oil plcTLW.LBefore Market Open
VECTORVCT.NZTime Not Supplied
Vitec Group PLCVTC.LBefore Market Open
WEIFU HIGH-TECHNOLOGY CO200581.SZTime Not Supplied
WESTFIELD GROUPWDC.AXTime Not Supplied
WOLONG ELECTRIC GROUP CO LTD600580.SSTime Not Supplied
Woodside PetroleumWPL.AXTime Not Supplied
WOTIF.COM HOLDINGS LTDWTIFF.PKTime Not Supplied
XETA TechnologiesXETAAfter Market Close
YANTAI CHANGYU PIONEER WINEYCPAF.PKTime Not Supplied
Yule Catto & Company plcYULC.LBefore Market Open


"Just when you thought Graham was an old crack, he turns out to be a cracker..."

Thursday

The country will be split into two camps on Thursday, not Democrat and Republican though. Remember the senator (Graham) who said we're all whiners cause there is no recession? Well, we bet you'll remember him on Thursday when the Preliminary GDP Report is released for Q2. The Advanced Report of GDP offered 1.9% growth, but the revised and vibrant preliminary copy is expected to show GDP actually rose 2.7%! Just when you thought Graham was an old crack, he turns out to be a cracker (Don't ask me what I mean here, because I'm not sure even I know). Before you get too excited, the reason for the big number is in part due to weaker imports (not because American goods are more competitive at home, but because we can't afford anything anymore). At the same time, exports continued to find hungry foreign interest, thanks to that so called strong dollar policy (read weak dollar). Corporate Profits, a component of the GDP data, is due at the same time.

Weekly Jobless Claims has got your favorite Greek up early on Thursdays, as evidenced by our back to back topic specific articles on this report the past two weeks. The consensus is looking for a measure of 427K this time around, after last week's 432K. With consensus almost useless on this data point, what clearly matters most here is direction and the four-week moving average, both of which have been deteriorating. By the way, we promise the third article will be the charm. Look for Natural Gas data at 10:30.



Earnings
Announcements for
Thursday, August 28
CompanySymbolTime
888 Holdings plc888.LBefore Market Open
Accor SAAC.PABefore Market Open
ACEGAS SPAAEG.MITime Not Supplied
ACQUE POTABILIACP.MITime Not Supplied
Aegis Group plcAGS.LBefore Market Open
Aer Lingus PLCAERL.L02:00 am ET
AEROPORTO DI VENEZIA MARCO POLO SPA (SAVE)SAVE.MITime Not Supplied
Air Berlin PLCAB1.FBefore Market Open
Alea GroupALEA.LTime Not Supplied
ALLREAL HLDG AG ZUGALRHF.PKTime Not Supplied
AMEC plcAMEC.LBefore Market Open
AMP LIMITEDAMP.AXTime Not Supplied
AMP LIMITEDAMP.AXTime Not Supplied
ANGLO-EASTERN PLANTATIONSAEPLF.PKTime Not Supplied
ARISTOCRAT LEISUREALL.AXTime Not Supplied
Aruba Networks, Inc.ARUNAfter Market Close
ATA Inc.ATAITime Not Supplied
Avis Europe plcAVE.LTime Not Supplied
BABCOCK & BROWN CAPITAL LIMITEDBCM.AXTime Not Supplied
BABCOCK & BROWN WIND PARTNERBBW.AXTime Not Supplied
Banca Monte Dei Paschi Di SienaBMPS.MITime Not Supplied
Banca Popolare di IntraPIN.MITime Not Supplied
Banca Popolare di SpoletoBAOPF.PKTime Not Supplied
Banca Profilo S.p.A.PRO.MITime Not Supplied
Banco Di Desio Brianza SpABDB.MITime Not Supplied
Bank HapoalimPOLI.TATime Not Supplied
BATENBURG BEHEER NVBATEN.ASTime Not Supplied
BBA Aviation PlcBBA.LTime Not Supplied
Bouygues S.A.EN.PA11:45 am ET
BUREAU VERITASBVI.PATime Not Supplied
C & O PHARMACEUTICAL TECH HLDGCPMRF.PK12:00 am ET
Cairo Communication S.p.ACAI.MITime Not Supplied
Carbone-Lorraine SACRL.PATime Not Supplied
Carraro S.p.ACARR.MITime Not Supplied
Casino Guichard-Perrachon S.A.CO.PABefore Market Open
Cattles plcCTT.LBefore Market Open
Cembre S.p.ACMB.MITime Not Supplied
CENTRO PROPERTIES GROUPCEOPF.PKTime Not Supplied
Charter plcCHTR.LTime Not Supplied
Chaucer Holdings PLCCHU.LBefore Market Open
CHINA FINANCE ONLINE COJRJCAfter Market Close
CHONGQING JIULONG ELECTRIC POWER600292.SSAfter Market Close
CHUNGHWA TELECOM CO LTDCHTAfter Market Close
Class Editori S.p.A.CLE.MITime Not Supplied
CNHTC JINAN TRUCK CO. LTD.000951.SZAfter Market Close
COFFEY INTERNATIONAL LTD COFCOF.AXTime Not Supplied
COLLECTION HOUSE LIMITEDCLH.AXTime Not Supplied
Computacenter plcCCC.LBefore Market Open
Conn's, Inc.CONNBefore Market Open
Corin Group plcCRG.LBefore Market Open
Credit AgricoleACA.PA01:00 am ET
Credito Bergamasco S.p.ACB.MITime Not Supplied
Credito ValtellineseCVAL.MITime Not Supplied
CTAC NVCTAC.ASTime Not Supplied
CTS EVENTIM AGEVD.FTime Not Supplied
DAQIN RAILWAY CO LTDDAQIF.PKTime Not Supplied
DE LONGHIDLG.MITime Not Supplied
Del Monte FoodsDLMTime Not Supplied
dELiA's Inc.DLIAAfter Market Close
Dell, Inc.DELLAfter Market Close
DFI2397.TWTime Not Supplied
Diageo PLCDGE.L02:00 am ET
DIGITAL MULTIMEDIA TECH SPA LIDMT.MITime Not Supplied
DISTRIGASDIST.BRTime Not Supplied
Dollar Financial Corp.DLLRTime Not Supplied
EIDSIVA REDERI ASAEID.OLTime Not Supplied
EIFFAGEFGR.PAAfter Market Close
Energy Conversion DevicesENERBefore Market Open
Essilor InternationalEF.PATime Not Supplied
Esterline TechnologiesESLAfter Market Close
ETAM DEVELOPPEMENTTAM.PAAfter Market Close
EurazeoEUZOF.PKTime Not Supplied
EVA AIRWAYS2618.TWTime Not Supplied
EVN AGEVN.VITime Not Supplied
FASTPARTNER ABFPAR.STTime Not Supplied
FEELGOOD SVENSKAFEEL.STTime Not Supplied
FELIX RESOURCES LTDFLX.AXTime Not Supplied
FERREXPO PLCFXPO.LBefore Market Open
FIDIA SPAFDA.MITime Not Supplied
Fielmann AGFIE.FTime Not Supplied
Filtrona plcFLTR.LTime Not Supplied
FKP LTDFKP.AXTime Not Supplied
Fleetwood Enterprises, Inc.FLETime Not Supplied
Forth Ports PLCFPT.LTime Not Supplied
FOSHAN PLASTIC GROUP CO000973.SZTime Not Supplied
Fred'sFREDTime Not Supplied
FULLSIX SPAFUL.MITime Not Supplied
GALP ENERGIA SGPSGLPEF.PKTime Not Supplied
GenescoGCOBefore Market Open
GENTING BERHADGEBHY.PKTime Not Supplied
Gerber ScientificGRBBefore Market Open
GFK AGGFK.FBefore Market Open
Goldenport Holdings IncGPRT.LBefore Market Open
GOODTECH ASAGOD.OLTime Not Supplied
Gottschalks Inc.GOTAfter Market Close
GranitiFiandreGRF.MITime Not Supplied
GREE ELECTRICAL APP INC OF ZHUHAI000651.SZTime Not Supplied
GRUPO CATALANA OCCIDENTE SAGCNJF.PKTime Not Supplied
GUANGDONG RONGTAI IND CO600589.SSTime Not Supplied
GUANGZHOU BAIYUN INTL AIRPORTGZBYF.PKTime Not Supplied
GUNNS LIMITEDGNS.AXTime Not Supplied
Hedegaard A/SPDPHF.PKTime Not Supplied
HELLABY HOLDINGS LTDHBY.NZTime Not Supplied
Hellenic TelecommunicationsOTETime Not Supplied
Henderson Group plcHGI.LBefore Market Open
HERITAGE OIL CORPHOX.LTime Not Supplied
HIKMA PHARMACEUTICALS PLCHKMPF.PKBefore Market Open
Huaneng Power InternationalHNPTime Not Supplied
HUBEI GOLDEN RING000615.SZTime Not Supplied
Hunting PLCHTG.LBefore Market Open
ILIADILD.PABefore Market Open
IMI plcIMI.LBefore Market Open
Immsi S.p.A.IMS.MITime Not Supplied
Impala Platinum Holdings LimitedIMPUF.PKBefore Market Open
ImpregiloIPG.MITime Not Supplied
IMS(INTERNATIONAL METAL SERVICE)IMS.PAAfter Market Close
IntesaBci SpAISP.MITime Not Supplied
IP GROUPIPO.LTime Not Supplied
Jamba JuiceJMBAAfter Market Close
KAS ASSOCIATE NV CERT VAN AANDKA.ASBefore Market Open
Kazakhmys plcKAZ.LBefore Market Open
KINGS TOWN CONSTRUCTION CO2524.TWTime Not Supplied
KINGSOFT CORP3888.HKTime Not Supplied
Kirkland's, Inc.KIRKBefore Market Open
KONINKLIJKE BAM GROEP NVBAMNB.ASBefore Market Open
KWEICHOW MOUTAI600519.SSTime Not Supplied
KYE SYSTEM CORP2365.TWTime Not Supplied
La Doria S.p.ALD.MITime Not Supplied
LaBarge, Inc.LBBefore Market Open
Lagardere SCAMMB.PATime Not Supplied
Lavorwash S.p.ALAV.MITime Not Supplied
Layne ChristensenLAYNTime Not Supplied
LINKTONELTONAfter Market Close
MACARTHUR COAL LTDMCC.AX7:30 pm ET
MACINTOSH RETAIL GROUP NVMACIN.ASBefore Market Open
Maffei S.p.AMAF.MITime Not Supplied
Magma Design Automation, Inc.LAVAAfter Market Close
Mariella Burani S.p.AMBFG.MITime Not Supplied
Marvell Technology Group Ltd.MRVLTime Not Supplied
MEDIACONTECHMCH.MITime Not Supplied
MELROSE RESOURCESMRS.LTime Not Supplied
MICROS SystemMCRSAfter Market Close
MiratoMRT.MITime Not Supplied
Monrif S.p.AMON.MITime Not Supplied
MOSAID TechnologiesMSD.TOAfter Market Close
MUHIBBAH ENGINEERING BHDMUHBF.PKAfter Market Close
NAMSOS TRAFIKKSELSKABNAM.OLTime Not Supplied
National Bank of CanadaNA.TOTime Not Supplied
National Bank of Greece SANBG10:00 am ET
NatixisNTXFF.PKBefore Market Open
NET 1 UEPS TECHNOLOGIES INCUEPSAfter Market Close
NETEZZA CORPNZBefore Market Open
New World Resources BVNWR.LTime Not Supplied
Novell, Inc.NOVLAfter Market Close
NUPLEX INDUSTRIESNPX.NZTime Not Supplied
OLAM INTERNATIONAL LTDOLMIF.PKAfter Market Close
Omega Pharma N.V.OME.BR11:45 am ET
Omnivision TechnologiesOVTIAfter Market Close
ON TRACK INNOVATION LTDOTIVBefore Market Open
Orco Property GroupORC.PATime Not Supplied
PARIS RE Holdings LimitedPRI.PA01:30 am ET
Parity Group plcPTY.LBefore Market Open
Parmalat SPAPRF.MITime Not Supplied
Pendragon PLCPDG.LBefore Market Open
PETSEC ENERGY LIMITEDPSJTime Not Supplied
PetSmartPETMAfter Market Close
PREMAFIN FINANZIARIA - S.p.APF.MITime Not Supplied
Premier Foods plcPFD.LBefore Market Open
Premier Oil plcPMO.LBefore Market Open
PRIMA INDUSTRIE SPAPRI.MITime Not Supplied
Prosafe ASAPRS.OL02:30 am ET
QuanexNXTime Not Supplied
Royal Bank Of CanadaRYTime Not Supplied
SAES GettersSG.MITime Not Supplied
SAFT GROUPE SASAFT.PATime Not Supplied
Savills plcSVS.LBefore Market Open
SEADRILL LIMITEDSDRLF.PKTime Not Supplied
Sears Holdings CorpSHLDBefore Market Open
SELECT VACCINES LIMITEDSLT.AXTime Not Supplied
SGISGICAfter Market Close
SHANGHAI INTERNATIONAL AIRPORT CO600009.SSTime Not Supplied
SHANGHAI JINJIANG INTL HTL DEVSJHOF.PKBefore Market Open
SHANGHAI PHARMACEUTICAL CO600849.SSTime Not Supplied
Sigma DesignsSIGMAfter Market Close
Silicon Sensor InternationalSIS.FTime Not Supplied
SIMAC TECHNIEK NVSIMAC.ASBefore Market Open
Skanditek Industriforvaltning ABSTEK.ST03:00 am ET
SMG PLCSMG.LBefore Market Open
Smurfit SisaSMU.MITime Not Supplied
SOLSOL.MITime Not Supplied
SourceForge, Inc.LNUXAfter Market Close
Sparbank Vest A/SSPB.COTime Not Supplied
SPRING SOFT SYSTEMS CO LTD2473.TWTime Not Supplied
ST SHINE OPTICALSTSHF.PKTime Not Supplied
STERN GROEP NVSTRN.ASTime Not Supplied
SUPER CHEAP AUTO GROUP LIMITEDSUL.AXTime Not Supplied
SWORD GROUPSWDGF.PKAfter Market Close
TAINAN SPINNING1440.TWAfter Market Close
TAS(TECNOLOGIA AVANZATA SISTEMI)TAS.MITime Not Supplied
TATTERSALLS LTDTTS.AXTime Not Supplied
TECHNOLOGY NEXUS ABNEXU.STTime Not Supplied
TelventTLVTBefore Market Open
Tiffany & Co.TIFBefore Market Open
TOD S GROUP SPATOD.MITime Not Supplied
Toronto Dominion BankTDBefore Market Open
TUNDRA SEMICONDUCTOR CORPTUN.TOAfter Market Close
Uni Land SpAUNL.MITime Not Supplied
UNIVERSAL SCIENTIFIC INDUSTRIAL2350.TWTime Not Supplied
Urologix, Inc.ULGXTime Not Supplied
UXC LIMITEDUXC.AXTime Not Supplied
VALARTIS GROUP AGOZHDF.PKTime Not Supplied
VENTRACOR LIMITEDVCR.AXTime Not Supplied
Venture Production plcVPC.LBefore Market Open
Vernalis Group plcVER.LBefore Market Open
Vimpel CommunicationsVIPBefore Market Open
WendelMF.PAAfter Market Close
Williams-SonomaWSMTime Not Supplied
Wimm-Bill-Dann Foods OJSCWBDTime Not Supplied
Wind River SystemsWINDAfter Market Close
Zale CorporationZLCBefore Market Open




Friday

Hey hey, "The Greek's" little brother celebrates a birthday today. Problem is, I haven't known what to get him since he outgrew Star Wars and G.I. Joe. Any ideas? I'm thinking a potato. Every once in a while, I check to see if anybody is really reading...

Of slightly more interest to you, Personal Income and Outlays are due for the month of July at 8:30 in the AM. Income is seen declining by 0.2%, something that would actually be pleasing to the Fed as they keep an eye on the efforts of inflation to embed. The Fed actually prefers the terms "anchor" and "unanchored" while the ECB prefers "embed" and "embedding." You say potAto, I say Potato... Here's the caveat: income should decline on fewer hours worked, which would have little to do with deflation and more to do with, well, less hours worked.

"Even good news is bad news these days."

Consumer Spending is expected to increase 0.3%. Three words, "back to school." Also, this would compare with a 0.6% rise the month before. So, relatively speaking, bad news here. Even good news is bad news these days...

The Chicagoland manufacturing take, also known as the National Association of Purchasing Managers - Chicago, is seen ranking at 49.8 in August, thus teetering between expansion and contraction. The NAPM figure somehow managed 50.8 in July.

Reuters/Michigan Consumer Sentiment is seen at 62.0 for August, comparing against 61.7 when last checked. We might see a greater improvement on factors like lower gasoline prices and heat exhaustion. Look for Farm Prices at 3:00 PM, and get lost to some beach somewhere, while I tend to things around here. Fixed income markets close early (2:00 PM) ahead of the long Labor Day weekend. Save a burger for me.



Earnings
Announcements for
Friday, August 29
CompanySymbolTime
104 CORPOFRCF.PKTime Not Supplied
ACTELIOSACT.MITime Not Supplied
ACTEOSEOS.PATime Not Supplied
AEROPORTO DI FIRENZE ADF SPAAFI.MITime Not Supplied
Aeroports de ParisADP.PABefore Market Open
AGA Foodservice Group plcAGA.LTime Not Supplied
AGR GROUP ASAAGR.OLTime Not Supplied
ALLCO FINANCE GROUP LIMITEDAFG.AXTime Not Supplied
Anglo Pacific Group plcAPF.LBefore Market Open
ARCADIA METAL INDS C ROKAS SAAZZGF.PKTime Not Supplied
Arena SpAARE.MITime Not Supplied
Areva CIARVCF.PKAfter Market Close
ARIMA COMPUTER CORP.2381.TWAfter Market Close
Artè S.p.A.YAE.MU05:00 am ET
BABCOCK & BROWN POWERBBP.AXTime Not Supplied
Banca Carige SpACRG.MITime Not Supplied
Banca ItaleaseBIL.MITime Not Supplied
Beghelli S.p.A.BE.MITime Not Supplied
Benetton GroupBNGPY.PKTime Not Supplied
BETER BED HOLDING NV UDENBBED.ASBefore Market Open
Bien-Zenker AGBIE.FTime Not Supplied
BONE MEDICAL LIMITEDBNE.AXTime Not Supplied
Bradford & Bingley plcBB.LBefore Market Open
BRAMMERBRAM.LTime Not Supplied
Brembo SPABRE.MITime Not Supplied
Brioschi FinanziariaBRI.MITime Not Supplied
BRUNEL INTERNATIONALBRNL.ASTime Not Supplied
Buongiorno Vitaminic SpABNG.MITime Not Supplied
C.A.T. OIL AGO2C.FTime Not Supplied
CAMPOFRIO ALIMENTACION SACPF.MCTime Not Supplied
Carrefour S.A.CRERF.PKTime Not Supplied
CATHAY REAL ESTATE DEVELOPMENT COMPANY LIMITED2501.TWAfter Market Close
CAVALIER CORPCAV.NZTime Not Supplied
Centrale del Latte di Torino & C. S.p.A.CLT.MITime Not Supplied
CENTRO RETAIL TRUSTCER.AXTime Not Supplied
Ceramiche RicchettiRIC.MITime Not Supplied
CHARGEURSCRI.PATime Not Supplied
CHARLES TAYLOR CONSULTINGCTR.LTime Not Supplied
CHINA AIR LINES2610.TWTime Not Supplied
CHINA SINOMA INTL ENGINEERING CO. LSNMGF.PKTime Not Supplied
CHINA WUYI000797.SZAfter Market Close
CHONGQING SWELL HOLDING (GROUP) CO600145.SSAfter Market Close
CHONGQING YUKAIFA CO000514.SZAfter Market Close
CITYCHAMP DARTONG CO LTD600067.SSAfter Market Close
CLARINS SACLR.PATime Not Supplied
CrespiLG5.FTime Not Supplied
CTT SYSTEMSCTT.STTime Not Supplied
D'ieterenDIE.BR01:30 am ET
D/S ORIONORION.COTime Not Supplied
DAHENG NEW EPOCH TECHNOLOGY INC600288.SSAfter Market Close
Dana Petroleum plcDNPXF.PKBefore Market Open
Data ServiceDAS.MITime Not Supplied
DeA Capital S.p.A.DEA.MITime Not Supplied
Development Securities PLCDSC.LBefore Market Open
DexiaDEXB.BR01:00 am ET
Dicentia A/SDICENT.COTime Not Supplied
DOMSTEIN ASADOM.OLTime Not Supplied
DONG FENG AUTOMOBILE600006.SSTime Not Supplied
EDF ENERGIES NOUVELLESEDFEF.PKTime Not Supplied
Egnsbank Han Herred A/SEBH.COTime Not Supplied
El.En. SPAELESF.PKTime Not Supplied
ELEC-TECH INTERNATIONAL CO002005.SZAfter Market Close
Elia System Operator SAELIS.BRTime Not Supplied
Engineering Ingegneria InformaticaENG.MITime Not Supplied
EUROCOMMERCIAL PPTY NVEUCMF.PKBefore Market Open
EUROFINS SCIENTIFICERF.PATime Not Supplied
Eutelia S.p.A.EUT.MITime Not Supplied
EVERGREEN INTL STORAGE TRANSPORT CO2607.TWAfter Market Close
EVRAZ GROUP S AEVGPF.PKTime Not Supplied
GEZHOUBA COMPANY LTDGZHBF.PKTime Not Supplied
Grafton Group plcGFTU.LTime Not Supplied
Greentech Energy Systems A/SGES.COTime Not Supplied
GROUP STERIA VELIZY VILLACOUBLSRIAF.PKTime Not Supplied
GUYENNE ET GASCOGNE SAGG.PATime Not Supplied
HARVEY NORMAN HOLDINGS LTDHVN.AXTime Not Supplied
Hera S.p.A.HER.MITime Not Supplied
ICT AUTOMATISERINGICT.ASTime Not Supplied
IFG GROUP PLCIFGPF.PKBefore Market Open
Ifil Finanziaria Di Partecipazioni SPAIFL.MITime Not Supplied
Independence Group NLIGO.AXTime Not Supplied
INDO INTERNACIONAL SAIDO.MCTime Not Supplied
Indus-Holding AGINH.FTime Not Supplied
INFOTELINF.PATime Not Supplied
INNATE PHARMAIPH.PATime Not Supplied
IPSEN S AIPSNY.PK01:30 am ET
IRIDE SPAIRDEF.PKTime Not Supplied
IT LINKITL.PATime Not Supplied
ITESOFTITE.PATime Not Supplied
JKX OIL & GASJKX.LBefore Market Open
John B. Sanfilippo & SonJBSSTime Not Supplied
K LASER TECHNOLOGY INC2461.TWTime Not Supplied
KINEPOLIS GROUPKIN.BR02:00 am ET
KnightsbridgeVLCCFTime Not Supplied
KVERNELAND ASAKVE.OLBefore Market Open
Laboratorios Farmaceuticos Rovi SAROVI.MCTime Not Supplied
Lavendon Group PLCLVD.LTime Not Supplied
LIVING CELL TECHNOLOGIES LTDLVCLF.PKTime Not Supplied
Marshalls plcMSLH.LBefore Market Open
MAUREL ET PROM(ETABL.)MAU.PATime Not Supplied
Mueller Die Lila Logistik AGMLL.FTime Not Supplied
NETONNET ABNON.STTime Not Supplied
NEW ZEALAND OIL & GASNZO.NZTime Not Supplied
NICOLAS CORREA SANEA.MCTime Not Supplied
Norddeutsche Affinerie AGNDA.FTime Not Supplied
OMNIA NETWORK SPAONT.MITime Not Supplied
PartyGaming PlcPRTY.LBefore Market Open
PERILYA LIMITEDPEM.AXTime Not Supplied
PermasteelisaPMS.MITime Not Supplied
PHARMAUST LIMITEDPAA.AXTime Not Supplied
PPR (ex. Pinault Printemps Redoute)PP.PA01:00 am ET
PSI GROUP ASAPSI.OLBefore Market Open
QUANTA STORAGE6188.TWOAfter Market Close
RADIALL SARLL.PATime Not Supplied
RALLYERAL.PATime Not Supplied
Ratti S.p.ARAT.MI04:00 am ET
Regus Group plcRGU.LBefore Market Open
RIBERRIB.PA11:40 am ET
RIGHTMOVE PLCRMV.LBefore Market Open
RISANAMENTO S.p.A.RN.MITime Not Supplied
ROBERT WALTERSRWA.LBefore Market Open
RUBICON AMERICA TRUSTRAT.AXTime Not Supplied
RUBICON EUROPE TRUST GRPRUEUF.PKTime Not Supplied
RUBICON LIMITEDRBC.NZTime Not Supplied
SHANXI TAIGANG STAINLESS STEEL CO000825.SZTime Not Supplied
SIMS GROUP LIMITEDSGM.AXTime Not Supplied
SNAI S.p.ASNA.MITime Not Supplied
Socotherm S.p.A.SCT.MITime Not Supplied
SOLAR APPLIED MTRLS TECH CORPSOPLF.PKTime Not Supplied
SOPRA GROUPSOP.PAAfter Market Close
SPYKER CARS NVSPYKR.ASTime Not Supplied
Stanelco PLCSEO.LTime Not Supplied
STIRLING PRODUCTS LIMITEDSTI.AXTime Not Supplied
SVG CapitalSVI.LBefore Market Open
TAIWAN LIFE INS2833.TWAfter Market Close
The Davis Service Group PlcDVSG.LTime Not Supplied
The Restaurant Group plcRTN.LTime Not Supplied
TIEN LAING BIOTECH CO LTDTILBF.PKTime Not Supplied
TKH Group NVTWEKA.ASTime Not Supplied
TrafficmasterTFC.LBefore Market Open
Trevi Finanziaria Industriale S.p.ATVFZF.PKTime Not Supplied
TXT E-SOLUTIONS SPATXT.MITime Not Supplied
Uniqa Versicherungen AGUQA.VITime Not Supplied
Vemer Siber GroupEVE.MITime Not Supplied
VINCIDG.PATime Not Supplied
Vitesse SemiconductorVTSS.PKAfter Market Close
YOUNGOR GROUP COYGRUF.PKTime Not Supplied
YUEN FOONG YU PAPER MNFCTRG CO1907.TWTime Not Supplied



Wall Street Greek in no way endorses the validity of the data offered, and we will not be liable for any actions taken in reliance thereon. Please see our full disclosure at the Wall Street Greek website.

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